"I decided to go East and learn the bond business. Everybody I knew was in bonds."
Nick Carraway in The Great Gatsby
Safe, sane and stable, the $2 trillion bond market used to provide a sinecure for men of high breeding and low wattage while supporting orphans, saving widows from penury and generating far more money than the stock market did for corporations and governments. Now this primary source of long-term lending has been pulverized by the twin forces of inflation and soaring interest rates, and staid bond dealers talk like teen-agers trading bubble-gum...
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